Over the past several decades, federal transfer payments as a fraction of GDP have trended upward
a. True
b. False
A
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Suppose that there are 10 firms in an industry, each accounting for 10 percent of industry sales. Two of these firms decide to merge. Which of the following statements about the impact of this merger is (are) INCORRECT?
A) The merger causes the four-firm concentration ratio to increase from 40 to 50. B) The merger causes the HHI to increase by 100. C) The merger will not change the HHI unless the industry's sales increase. D) Both answers A and C are incorrect.
Refer to Figure 14.2. Other things equal, a movement from point C to point B would be caused by
A) an increase in the price level. B) a decrease in the price level. C) a positive supply shock. D) a negative supply shock.
Which of the following is the best example of a variable cost?
a. monthly wage payments for hired labor b. annual property tax payments for a building c. monthly rent payments for a warehouse d. annual insurance payments for a warehouse
The income of U.S. citizens working abroad counts in U.S. GNP.
Answer the following statement true (T) or false (F)